In September 2013, Western Australian Resources Limited (WARL) announced the acquisition of the Marine Farms Pty Ltd aquaculture site in Exmouth Gulf, Western Australia.
December 2013 - CO2 Group Limited (CO2) today announces its wholly owned subsidiary Western Australian Resources Limited (WARL) has executed agreements to acquire the business and business assets of iconic Queensland prawn aquaculture company Seafarm Pty Ltd (Seafarm).
Established in 1984, Seafarm is the oldest and largest fully integrated prawn aquaculture business in Australia, producing prawns under the Crystal Bay® brand which are sold widely throughout Australia in supermarkets and seafood outlets.
The acquisition of Seafarm establishes WARL in the marine protein production industry and the completion of the agreement facilitates WARL immediately becoming one of the largest aquacultured prawn producers in Australia.
The acquisition is expected to be earnings positive this financial year and will grow in coming years as WARL introduces advanced production procedures and converts the operations to also produce Black Tiger prawns.
The Seafarm business platform provides the opportunity for expansion of production and a pathway via increased tonnage to export markets.